The Office of the Auditor-General for the Federation has uncovered 28 major financial irregularities linked to the Nigerian National Petroleum Company Limited, involving N30.1bn $51.6m, £14.3m, and €5.17m in questionable payments, undocumented expenditures, and breaches of financial regulations. When converted to naira, the total amount is about N61.1bn

The red flags, contained in the Auditor-General’s 2022 Annual Report on Non-Compliance (Volume II), detail transactions carried out during the 2021 financial year across the NNPCL and its subsidiaries. The document was obtained by our correspondent on Sunday.

The report, which has been transmitted to the National Assembly, accuses NNPCL of weak internal controls, unauthorised virements, tax infractions, irregular procurement, abandoned projects, and unsubstantiated settlements.

“These findings highlight systemic weaknesses that continue to expose public funds to avoidable risk. Where documents were not provided, payments were unjustified. Where approvals were absent, expenditure breached the law. Recovery and sanctions must follow,” the Auditor-General’s office said.

The latest audit revelations come against the backdrop of earlier reports by The PUNCH this year, which exposed long-running financial discrepancies involving the Nigerian National Petroleum Company Limited. The Auditor-General’s annual reports for 2017 to 2021 showed that the national oil company was previously indicted for the diversion of N2.68tn and $19.77m within a four-year period.

The breakdown includes N1.33tn flagged in 2017, N681.02bn in 2019, N151.12bn and $19.77m in 2020, and N514bn in 2021, signalling a persistent pattern of unremitted funds, unsupported transfers, and irregular withdrawals that have raised concerns about governance and accountability in the petroleum sector.

Among the most striking revelations in the new report is Issue 2, which concerns the expenditure of £14,322,426.59 at NNPC’s London Office without documentation. Auditors said the corporation failed to provide utilisation details or supporting schedules for the amount.

According to the auditor-general, Financial Regulations (2009) place strict responsibilities on all accounting officers, including ensuring adequate internal controls and proper documentation for public expenditure. Paragraph 112 mandates officers to provide clear rules and procedures to safeguard revenue.

In the same vein, Paragraph 603(1) requires every payment voucher to contain full particulars, dates, quantities, rates, and to be supported with invoices, purchase orders, letters of authority, and other relevant documents to enable verification without recourse to additional files.

However, the Auditor-General reported that these statutory provisions were breached in the operation of the Nigerian National Petroleum Company Limited’s London Office in the 2021 financial year.

According to the audit, a total of £14,322,426.59 was spent by the Foreign Office during the period under review, covering personnel costs, fixed contract expenses, and other operational needs.

A breakdown of the expenditure showed personnel costs amounting to £5,943,124.74, fixed contract and essential expenses totalling £1,436,177.11, while other operational costs stood at £6,943,124.74, bringing the total to £14,322,426.59.

Despite the magnitude of the spending, the audit team noted that it was not provided with supporting documents or given access to verify how the funds were utilised. The report stated that the auditors were unable to ascertain whether the expenditure complied with due process and other requirements of the Financial Regulations.

The Auditor-General warned that the failure to provide documentation points to “weaknesses in the internal control system” of NNPC Ltd, exposing the organisation to the risks of diversion and misappropriation of public funds.

In its response, NNPC management said the London Office operates as a service unit with an approved annual budget and that the £14.32m allocated for 2021 was implemented in line with operational and financial requirements. It stated that the office maintains detailed records of all transactions, including personnel and contract-related expenses, and expressed willingness to provide the documents upon request.

Management, however, argued that the audit query did not specify which transactions or line items were being questioned, making it difficult to provide targeted explanations. It added that the company remains committed to improving internal controls and ensuring compliance across all its units.

But the Auditor-General rejected the explanation, describing it as unsatisfactory. The report insisted that the query remains valid until NNPC provides full accountability for the funds and implements the prescribed corrective actions.

The audit recommended that the Group Chief Executive Officer of NNPC Ltd appear before the Public Accounts Committees of the National Assembly to explain the utilisation of the £14,322,426.59 spent by the London Office in 2021.

It also directed the recovery and remittance of the entire amount to the Treasury. Failing this, the Auditor-General said sanctions for irregular payments and failure to account for public funds, as outlined in paragraphs 3106 and 3115 of the Financial Regulations, should be applied to the responsible officers.

The report read, “Audit observed that the sum of £14,322,426.59 (Fourteen million, three hundred and twenty two thousand, four hundred and twenty six pounds and fifty nine pence) was expended for the London Office during the 2021 financial year.

“Audit was not availed the necessary documents and the opportunity to confirm the utilisation of the funds that were managed by the London Office and to ascertain that the expenditure was made following due process and economy as required by the extant regulations. The above anomalies could be attributed to weaknesses in the internal control system at the NNPC, now NNPC Ltd.”

In a similar vein, auditors flagged €5,165,426.26 paid to a contractor under Issue 12, warning that no evidence of engagement existed to justify the payment.

Dollar-denominated transactions also raised red flags. The audit highlighted $22,842,938.28 in unsubstantiated Direct Sales Direct Payment settlements (Issue 4); $12,444,313.22 for delayed generator procurement at the Mosimi depot (Issue 24); and $1,801,500 paid under an irregular contract extension for a bunkering vessel (Issue 7).

Additional queries include $2,006,293.20 in provisional payments without invoices (Issue 10) and $1,035,132.81 paid to a company without power of attorney (Issue 13). In total, $51,674,020.15 was flagged as irregular.

On the naira side, the auditor general accused NNPCL of authorising payments without approvals or documentation, executing budgets outside approved limits, and failing to remit statutory surpluses.

A major query, Issue 21, involved the non-remittance of N12.721bn into the corporation’s General Reserve Fund, contrary to the corporation’s obligations.

The report also cited: N3.445bn paid by the Chief Financial Officer without the General Managing Director’s approval (Issue 6), N2.379bn irregularly paid as status-car cash options to staff (Issue 5), N1.212bn paid to contractors without interim payment certificates or invoices (Issue 26), N474.46m spent through unauthorised virement (Issue 9), N355.43m in demurrage and brokerage payments on abandoned refinery cargoes (Issue 8), N292.6m for an Accident and Emergency hospital project abandoned after mobilisation (Issue 1)

The report further identified N82.6m in undocumented reimbursables, N152m irregular procurement for the Nigeria Police Force, N145.9m in serial consultancy renewals, and N25m paid as additional consultancy fees without evidence of fresh deliverables.

NNPCL also paid N246.19m for a contract with no proof of execution (Issue 18), while N46.2m in under-deducted withholding tax was left unremitted (Issue 19). A high-risk cross-MDA audit item, Issue 27, includes N6.246bn in payments made without supporting documents, of which NNPCL accounted for the largest share. Another audit issue involves the payment of N1.365bn processed through unauthorised virements. In total, domestic infractions amounted to N30,115,474,850.85.

The audit also spotlighted NNPC’s failure to apply statutory deductions across several transactions. Under Issue 3, auditors identified N247.18m and $529,863.24 in non-deduction of VAT, WHT, and Stamp Duty. Another transaction, Issue 16, involved $8,355.18 paid without statutory tax deductions.

“These breaches affect government revenue and contravene Financial Regulations,” the report noted. “Entities must ensure that all statutory deductions are remitted promptly and accurately.” A significant portion of the 28 queries relates to procurement violations. Auditors flagged NNPCL for Inflated variations amounting to $1.926m in one contract (Issue 14).

Auditors queried an irregular vessel substitution under a time-charter agreement for the movement of petroleum products. The report noted that Article 5.2 of the original 2017 contract stated that once a vessel was inspected and accepted by NNPC, the contractor was required to “deliver the coastal vessel at the Lagos Port” for commencement of operations, while Article 5.3 mandated that any vessel failing to meet contract specifications “shall result in rejection” and immediate replacement at the contractor’s expense.

However, the audit observed that although the two-year charter, effective June 1, 2017, at a daily rate of $19,532, was signed for MT Breeze Stavanger, the contractor notified NNPCL that MT Breeze Stavanger was unavailable and unilaterally replaced it with MT Alizea from January 1, 2018. The substitute vessel was billed at a higher daily charter rate of $21,643.23, creating an inflated variance of $2,111.23 per day, or $770,598.95 for the 12-month period.

“There was no justification provided for the sudden unavailability of MT Breeze Stavanger after only six months,” the audit stated, adding that the 12 months was in violation of clear provisions in the original contract. The contractor was obligated to replace the vessel at its sole expense, not impose higher rates on NNPC.”

Auditors further disclosed that the inadvertent substitution continued for 30 months, significantly increasing costs and breaching agreed terms.

“The total cost incurred as a result of this inadvertent substitution for thirty months, equivalent to two years and six months, with effect from 1st January, 2018, to 31st May, 2020, as indicated in the Extension Agreement executed on 16th December, 2019, is US$1,926,497.38.

“This action amounted to an irregular adjustment of contract conditions and exposed public funds to unnecessary financial risk. The above anomalies could be attributed to weaknesses in the internal control system at the NNPC, now NNPC Ltd.”

Similarly, an “emergency procurement” of custody transfer meters costing $8.238m without justification (Issue 11) was flagged, Payment of $156,000 to a consultant without evidence of engagement (Issue 15), Regular renewal of consultancy contracts instead of fresh bidding (Issue 25), Paying a “legacy debt” to the wrong company (Issue 13) These issues indicate a pattern of circumventing procurement controls,” the report said.

The Auditor-General’s office recommended immediate recovery of all unsupported payments, remittance of withheld statutory surpluses, and sanctions for officers responsible for what it called “widespread violation of extant financial regulations.”

It added, “Where officers fail to provide the required documents, the sums shall be recovered from them directly.” The outcome of the audit comes at a time when the national oil company is positioning itself as a fully commercial entity under the Petroleum Industry Act.

The report underscores how far the company must go to achieve transparency and efficiency. Commenting in an earlier interview, the Centre for Anti-Corruption and Open Leadership described the NNPCL as a hub of institutional corruption, alleging that powerful interests within and outside the government had shielded the organisation from accountability.

CACOL’s Executive Director, Debo Adeniran, lamented that despite the enactment of the Petroleum Industry Act aimed at decentralising and unbundling the NNPCL, the company’s operations remained opaque and rife with allegations of corruption.

According to Adeniran, the NNPCL has always been a source of liquid enrichment for government officials, even before it was converted into a limited liability company.

“The operations of the NNPCL have always been shrouded in secrecy. Even the Petroleum Industry Act has not helped. Despite all the noise about decentralisation and unbundling of the NNPCL, nothing has materialised. It is the strongest cabal in Nigeria. All the powerful elements in government and MDAs work in concert with those managing the NNPCL’s accounts, perhaps due to gratification.

“Even the anti-corruption agencies find it difficult to probe the NNPCL. A couple of attempts were made by the ICPC and EFCC in the past, but they have not been able to uncover anything. There must be something shielding the NNPCL from exposure for its corruption crimes,” Adeniran said.

Similarly, the Executive Director of the Civil Society Legislative Advocacy Centre, Musa Rafsanjani, criticised the NNPCL for its lack of accountability and attributed it not only to the corporation but also to President Bola Tinubu, the National Assembly, and security agencies.

Rafsanjani asserted that the president, as the leader of the nation, bore the primary responsibility for ensuring that the NNPCL operated transparently and remained accountable to Nigerians.

He called on the government and other stakeholders to adopt a firmer stance against the alleged cartel operating within the NNPCL, emphasising the need for a stronger commitment to addressing corruption in the oil sector.

The PUNCH reports that the infractions occurred under the tenure of Mele Kyari, who served as GCEO from 2019 until he was removed earlier this year and succeeded by Bayo Ojulari.

A total of 149,500 metric tonnes, equivalent to 194.35m litres of Premium Motor Spirit, popularly known as petrol, entered and will land in the country through various ports between Friday, November 21, and Tuesday, November 25, 2025, according to findings by The PUNCH.

This development comes days after the Federal Government announced the postponement of the 15 per cent ad-valorem import duty on petrol import.

In October, The PUNCH reported that President Bola Tinubu had approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria. The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.

In a letter dated October 21, 2025, reported publicly on October 30, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Tinubu directed the immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”

The letter, signed by his Private Secretary, Damilotun Aderemi, and obtained by our correspondent, conveyed the President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji. The proposal sought to apply a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.

However, last week, The PUNCH also reported that the Federal Government had approved the postponement of the implementation of the 15 per cent import duty on petrol and diesel until the first quarter of 2026.

Meanwhile, the latest Shipping Position by the Nigerian Ports Authority, sighted by our correspondent on Sunday, revealed that Tincan Island Port received the highest number of imports, with 58,500 metric tonnes handled by the terminal within two days.

Calabar Port handled 46,000 metric tonnes, while Warri handled 45,000 metric tonnes. A breakdown of the imports showed that, “On Friday, November 21, 28,000 metric tonnes of PMS came through the Kirikiri Lighter Terminal Phase 3a in Tincan Island Port through different vessels, while on Saturday, a vessel with 20,500 metric tonnes came through the same KLT Phase 3a, and another came with 10,000 metric tons through KLT Phase 2, all at Tincan Island.”

According to the report, Calabar Port on Monday, November 24, will receive 16,000 metric tonnes via Dozzy Oil and Gas Limited, and will receive a total of 30,000 metric tonnes through the same terminal, by North West Petroleum and Gas Limited, on Tuesday, November 25.

Warri Port on Friday received 15,000 metric tonnes through the Rainoil Terminal, and on Saturday received a total of 30,000 metric tonnes through Rainoil and Matric Energy Nigeria Limited.

The Shipping Position is a daily publication by the NPA that provides real-time or near-real-time information about vessel traffic. It typically shows which ships have arrived, which are berthing, what cargoes they carry, and which vessels are waiting to come in. The information is broken down by port complex — for example, Lagos (Apapa), Tin-Can, Onne, Rivers, Calabar, and Delta.

The PUNCH recently reported that petroleum marketers might be on the verge of shelving petrol importation in the near term following the cut in the ex-depot price of the product by the Dangote Petroleum Refinery, which slashed its gantry price by 49 per litre a few days ago.

Major and retail marketers, in separate interviews with The PUNCH, had admitted that the latest price adjustment had significantly altered the dynamics of fuel supply and competition in the downstream market.

The price cut came amid the Federal Government’s 15 per cent import tariff on refined fuel, a policy that was expected to further widen the price gap between imported petrol and locally refined products, in favour of the latter.

However, the government suspended the policy by shifting it to next year, a development that spurred imports by dealers, as seen in the surge in the past few days, as well as the millions of litres being expected into the country on Monday and Tuesday.

Union Bank of Nigeria, one of Nigeria’s most trusted financial institutions, is excited to announce the launch of its new customer reward initiative designed to deepen engagement, drive premium account activity, and promote consistent savings behaviour among its customers.

 

 

Open to new and existing customers, the Save and Gain promo requires participants to open accounts, maintain and grow a monthly average balance of ₦50,000, complete at least five transactions monthly, and actively use digital channels such as cards, USSD, mobile, or internet banking.
Top deposit contributors will receive monthly rewards ranging from free debit cards, cash prizes of N50,000 and N100,000, respectively, within each level of participation. A special reward of ₦30,000 cash vouchers will be awarded to top depositors and contributors for December.

 

 

The grand prize of ₦5 million will be awarded to the highest average deposit contributors over the six-month campaign period.

 

 

The campaign builds on the success of the Save & Win Palli Promo, through which the bank has disbursed over ₦330 million in cash and prizes to more than 5,000 customers since 2021.

 

Unlike previous campaigns, Save & Gain demonstrates the bank’s focus on digital adoption and inclusion, with a performance-based reward system that prioritises transparency and consistency. Customers who reflect responsible account usage, maintain savings discipline, and embrace digital banking channels will be rewarded.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch. Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.

The United Bank for Africa has called for sustained vigilance and a strong fraud-prevention culture as it rounded off the 2025 Fraud Awareness Week.

This call was made at the grand finale of the week-long activities on Friday, held at the UBA House in Lagos and themed “Combating Fraud-Risk & Cybertheft in Digital Banking.”

According to the Association of Certified Fraud Examiners, global champion of the week, the Occupational Fraud 2024: A Report to the Nations, organisations lose an estimated five per cent of their revenue annually due to fraud. Fraud takes many shapes and forms, among them corporate fraud, consumer fraud, tax fraud, identity theft, and many others.

The Group Managing Director/Chief Executive Officer of UBA, Oliver Alawuba, who was represented by the Executive Director, Finance & Risk Management, Ugochukwu Nwaghodoh, in his opening remarks, said that fraud prevention was not a one-off event but a culture.

“It strengthens trust and protects customers. This year’s activities have all deepened and deterred fraud at every customer touch point. As we close this week, let us uphold UBA’s integrity across the countries of operations. Let us continue to lead the industry. Stay alert, stay safe, and let us stop fraud together.”

The acting Chief Internal Auditor of UBA, Kayode Ajayi, said, “The fight against fraud in UBA is progressive, and it is a good fight. I want to encourage all of us to join the fight. One of the challenges we have in Nigeria is ownership. We have decided to own the fight. We have the will and the resources to own the fight, but we cannot do it alone.

“Fraud doesn’t respect your degree or education. Fraud is a trend, AI is here, but social psychology is the same. Don’t allow yourself to be defrauded.”

The keynote speaker, Prof Godwin Oyedokun, stressed that fraud is never accidental, describing it as planned. To individuals, he said, “When fraudsters want to get to you, you need to be careful of the people around you. You must be more ready than the fraudster. Perception of detection is the greatest deterrent to fraud. Fraud prevention is better than fraud detection.”

He also urged banks to “Make sure your processes are secure. Take customer protection as one of your strategies and prioritise fraud reporting.”

During a panel session, panellist Adebayo Adebeshin noted that “every innovation has been a trade-off between convenience and security,” adding that knowledge was no longer a unique leverage to curb fraud, as both sides of the divide are now on the same knowledge level.”

Another panellist, Fiyinfolu Okedare, emphasised customer empowerment, stating, “We need to continue customer awareness as they are the first layer of security for the bank. We need to move them away from the victim mentality to defenders. Teach them how to detect phishing emails. If they are able to do that, then they can stop fraud.

“Customer education is one of the least leveraged fraud detection platforms that is being used. It is only a well-educated customer who can stop social engineering. When it comes to fraud prevention, we must move away from theory to practice.”

Bright Anyanwu, another contributor, warned that increased information sharing has heightened fraud risks. He further said, “Where many banks are innovating today is in the area of products and compliance, don’t know about until it is almost finished.

“A good product is almost as good as the security of the product. Innovation is important, but we must also look at the security around it. Do some custom testing around it. It should be security by design.”

The Nigerian Electricity Regulatory Commission has imposed strict caps on the commissions paid to all third-party electricity bill collectors and ordered electricity distribution companies to re-register every collection partner before December 31, 2025, or risk sanctions.

The new regime, contained in NERC’s Guidelines for the Engagement of Third-Party Collection Service Providers in NESI, comes into force on November 1, 2025, and directly targets opaque revenue practices that have long plagued Nigeria’s power sector.

Signed by the Commission’s Vice Chairman, Musiliu Oseni, the document standardises how Nigerians can pay for electricity, from USSD and banking apps to PoS agents and rural vendors, and sets binding limits on what those agents can charge for their services. The guidelines also mark the latest attempt to enforce Nigeria’s long-standing policy of cashless electricity payment.

In 2019, the commission issued Order NERC/183/2019, mandating DisCos to migrate industrial and commercial customers to cashless payment platforms by January 31, 2020, and residential MD customers (formerly R3) by March 31, 2020. The policy was meant to eliminate leakages, improve transparency, and ensure that collections flowed directly into utility accounts.

Despite this, cash transactions, especially in rural and agency banking channels, remained widespread, with thousands of unregistered agents charging arbitrary rates. Industry operators say some vendors charged unregulated rates far above formal limits, a practice that drained revenue and deepened sector illiquidity.

Under the new framework, only entities licensed by the Central Bank of Nigeria, including banks, PSSPs, PTSPs, MMOs, switching companies, card schemes, and super-agents, are eligible to operate as Collection Service Providers. The guideline sets binding maximum commissions for all USSD, PoS, app-based, banking, and rural payment channels.

The document read, “In furtherance of the policy direction of the Federal Government of Nigeria on the settlement of electricity bills by certain classes of end-use customers, the commission issued Order No. NERC/183/2019 (the “Order”) mandates DisCos to migrate industrial and commercial customers to cashless settlement platforms by 31 January 2020 and R3 customers (now MD residential) by 31 March 2020. Pursuant to the Order, the commission authorised the use of available banking channels and collection service providers to enhance transparency in billing and collection.

“The cashless payment system is a shift from conventional transactions to more efficient, practical, and secure methods of payment for customers. These include but are not limited to banking applications, mobile platforms, credit cards, debit cards, QR/Scan to pay, USSD, payment links, and digital wallets.

“To register, each CSP must submit: A valid CBN licence or permit, A signed agreement with the relevant DisCo, CAC incorporation documents, A banker’s reference, three years’ tax clearance, VAT registration, A list of sub-agents, an API integration agreement with NIBSS, and Proof of payment of a non-refundable N100,000 registration fee. No CSP may commence operations without NERC’s approval, and no DisCo may engage any partner that is not fully cleared by the regulator.”

The guidelines also classify collection channels into: USSD – real-time mobile short-code transactions, Banking and Switching – including apps, ATMs, Interswitch, Flutterwave, Paystack, and NIBSS, Mobile Payment Services – transfers, VANs, wallets, web, intranet, IVR, NQR, and payment links, Agency Services – PoS, kiosks, agents, cash vendors, Rural Services – agency presence in underserved and remote communities.

According to the guidelines, collection partners must not charge more than: N20 per USSD transaction below N5,000, and N50 for transactions at or above N5,000; 0.75 per cent to 3.25 pee cent, depending on channel type, for mobile wallets, agency banking, PoS, kiosks, and rural agents; A hard cap of N2,000 – N5,000 per transaction, whichever is lower.

NERC also mandated a non-refundable N100,000 registration fee for all collection service providers and insisted that only entities with valid Central Bank of Nigeria licences can operate. Any contract not re-registered by December 31, 2025, automatically becomes invalid.

“To end arbitrary commission charges, NERC has now fixed maximum rates for all categories: USSD below N5,000 – N20, Above N5,000 – N50; Banking & Switching: Banks, gateways – 0.75 per cent, capped at N2,000, ATM – 1.10 per cent, capped at N2,000, Wallets – 1.25 per cent, capped at N2,000

“Mobile Services: Web, chat, IVR, NQR – 1.50 per cent, capped at N2,000, Payout, mobile, VAN – 1.50 per cent, capped at N2,000. Agency & Rural PoS – 1.50 per cent, capped at N2,000, Kiosks – 2.00 per cent, capped at N2,000, Agents – 2.0–3.0 per cent, capped at N5,000, Rural agents – 3.25 per cent, capped at N5,000,” it added.

CSPs may only earn commission for collection services. Deducting fees for any other service, such as IT support or marketing, is expressly prohibited. NERC also directed that all collection contracts must be prefunded, except for banks and switching firms whose settlements must occur on a T+1 basis.

Maximum Demand customers are exempt from third-party collections; they must pay directly into DisCos’ accounts, with no commission payable to any agent. “These rules will remain in force until amended by the Commission,” NERC declared.

However, agents fear that the 3.25 per cent cap and N5,000 limit may push smaller players out of business, particularly in remote areas where electricity supply and customer density are low.

With barely weeks left, DisCos are now under pressure to revalidate thousands of collection contracts, from fintech partners to rural cash handlers, or face stiff enforcement under NERC’s compliance and penalty framework.

The commission warned that any CSP not registered by December 31, 2025, “shall cease to operate.” If fully implemented, the policy could reduce losses, improve liquidity for DisCos, and ultimately help close NESI’s long-running revenue gap.

Fidelity Bank Plc, a leading financial institution, has released its unaudited financial statements for the third quarter ended September 30, 2025. The results show impressive performance across key income lines and operational metrics.

 

According to the statements published on the Nigerian Exchange Group (NGX) portal on November 21, 2025, the Bank reported Gross Earnings of ₦366.1 billion for Q3 2025. This represents an 8 percent increase from the ₦338.9 billion recorded in Q3 2024. The growth was driven by strong interest income and sustained momentum in fee-based revenues.

 

Interest Income, calculated using the effective interest rate method, rose by 33 percent to ₦285.6 billion in Q3 2025, compared to ₦214.7 billion in Q3 2024. Other Interest Income more than doubled, rising from ₦13.0 billion in the corresponding period of 2024 to ₦34.2 billion. This underscores significantly improved returns from non-core lending activities.

 

Year-to-date, the Bank achieved a major milestone with Gross Earnings surpassing ₦1.1 trillion, the highest in its history. This is an increase from ₦772.5 billion in Q3 2024. The Bank’s total assets also crossed the ₦10 trillion mark, driven by robust growth in cash, customer loans, and investment securities; this compares to ₦8.8 trillion in Q3 2024. Net Interest Income for the nine-month period reached ₦565.3 billion, while fee and commission income totaled ₦84.5 billion. The respective figures for Q3 2024 were ₦470.5 billion and ₦56.3 billion.

 

Credit Loss Expenses moved to ₦900 million from ₦32.8 billion in Q3 2024; however, Net Interest Income remained flat at ₦144.8 billion, compared to ₦143.7 billion in Q3 2024. This reflects improved asset quality and effective risk management practices. Fee and Commission Income grew by 47.2 percent to ₦31.1 billion, up from ₦21.1 billion in Q3 2024, driven by increased transaction volumes and digital banking adoption. Foreign currency revaluation gains contributed ₦14.1 billion to Non-Interest Revenue, while other Operating Income rose to ₦1.1 billion from ₦447 million in Q3 2024.